Centralized exchanges are currently having a moment and by moment I mean they are straight up not having a good time. A crypto winter mixed in with leverage, overexposure, and a huge counterpart collapse almost overnight it is rough out there. Like a ton of people have done I was quick to remove most of my crypto from exchanges to either cold storage or hot wallets depending on the situation.
Due to this, I am hesitant to set myself up to have to interact with exchanges because if by any chance they happen to freeze up while I am dealing with them I might go a tad bit insane. As everyone on here knows using KuCoin allows users to have a much lower withdrawal fee and thus be able to take either of the two crypto rewards and deploy them in ways that we see fit. An issue I have noticed with KuCoin though when I was removing all of my assets I could, was that often the cost to withdraw was extremely high. The result is that sending my AMPL to KuCoin to convert into something I wanted like Bitcoin or Ethereum was super expensive to remove from the exchange. While some layer 2's were available to use none of them overlapped meaning I sent assets on a few different Networks with no overlap.
This leads me to have to under what exactly I want to do with my AMPL bag right now. I have not withdrawn it for a few weeks so it is growing much larger than previous bags of AMPL have grown. Trying to figure out then what to do with it is a decision that I grapple with. Since the price of Bitcoin and Ethereum are down I would love to trade for that but because of the cost to convert via KuCoin and the lack/cost to do so on-chain makes it a little bit of a conundrum. Since I really do like AMPL as a token to earn it is a catch-22 on what I wish could be done. AMPL gives so much flexibility however KuCoin is a centralized exchange and my confidence in it is shaken.
For now, I will continue to just build my bag here in hopes that sooner rather than later I can figure out an easy and cost-efficient way to take my AMPL and convert it to Bitcoin or Ethereum. In particular, to build up my Bitcoin bag I have been using the Fold App and their debit card. If you have not signed up for the Fold App's debit card yet and would like to earn 20,000 sats just for doing so use my referral link here! FYI if you do not use a referral link when signing up you will not receive the 20,000 sats for signing up for the debit card!
Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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